If you’re a cryptocurrency fan, you may have seen “Gemini crypto” shared a lot on the internet. You might have first thought it’s yet another token that just had its initial coin offering. You’d be wrong, though, as Gemini is a cryptocurrency exchange with a wide range of features. It’s a great choice if you’re an investor from the United States.
The Gemini crypto exchange lets you buy and sell cryptocurrencies, leave cryptos in it to earn more, and so much more. If these features seem too basic for you, then you’re in luck because the Gemini crypto platform has some of the most robust set of advanced trading tools around. This will help you execute some next-level trades!
Before you do, let’s discuss the Gemini crypto platform further. We will talk about its history, and then we will go through each of its various features. After that, we will weigh the benefits and risks you should expect when using this platform. Later, you’ll see that Gemini is a rough gem with great crypto trading tools.
What is the Gemini crypto exchange?
Have you watched the 2010 film The Social Network? This may seem like a weird tangent but stick with us. It was about how Mark Zuckerberg built Facebook.
It showed how Zuckerberg had disputes with the Winklevoss twins. They sued him for stealing the idea of this social network from them in 2008 and got $65 million from the lawsuit.
Well, it seems they put that money to good use as they used it to gather up to $11 million worth of bitcoin by 2013. BTC was worth roughly $60,000 at the time of writing, but it was $120 then.
In 2015, the twins launched the Gemini cryptocurrency exchange. If you know a bit about Zodiac signs, you’ll remember that twins represent Gemini!
Gemini is the first US exchange to have an official license for bitcoin and ether trading. The New York State Department of Financial Services (NYSDFS) oversees the platform.
What makes Gemini special? It may seem like the best cryptocurrency trading platform right now! As we said, Gemini offers a lot of features.
Read More: Why DeFi Crypto Is The Future Of Finance
What are the products and services of Gemini?
This platform offers a lot for casual and serious traders alike. For example, most people will love Gemini Exchange, Gemini Earn, and the Gemini credit card.
They allow everyone to buy, sell, and earn more cryptocurrencies easily. What’s more, the Gemini card lets you spend your earnings easily.
If you’re into more serious cryptocurrency trading, you might like the ActiveTrader. It opens all the options you need, and they’re all there in a sleek and clean dashboard.
We’ll take a closer look at each one, so you can understand how Gemini may help you. We’ve listed them below. Click an item to snap to the corresponding section quickly.
We are proud to announce that we are the first #crypto exchange and custodian to have completed both SOC 1 Type 2 and SOC 2 Type 2 examinations, covering both Gemini Exchange and Gemini Custody™ products.
Learn more about what that means on our blog: https://t.co/QClxLGpdbL
— Gemini (@Gemini) January 21, 2021
The homepage says that Gemini lets you “buy bitcoin and crypto instantly.” It does deliver as this crypto trading platform lets you buy and sell more than 50 cryptos.
Open Gemini Exchange, and you’ll see the simple-to-use trading view. Choose to buy or sell, type in the amount you need in US dollars, and the platform will take care of the rest.
This works like a savings account from a regular bank. Instead of US dollars or other fiat money, you deposit cryptocurrencies. Then, you’ll earn interest every day.
Gemini Earn gives a compound interest of up to 8.05% APY. According to its website, that’s 110 times larger than the average national interest rate!
Even better, you can take out your digital assets quickly. You don’t have to maintain a minimum balance or pay withdrawal or transfer fees.
This might be your new way of earning passive income. After your coins earn interest, you may want to turn them into US dollars, so you can start buying stuff!
Gemini Credit Card
— Gemini (@Gemini) September 29, 2021
While you’re at it, you might want to get a Gemini Credit Card too. It’s just like your regular plastic swipers, but you earn bitcoin rewards!
Just swipe whenever you’re buying stuff, and you get a portion back as bitcoin! You earn 3% on dining, 2% on groceries, and 1% on everything else!
You get your BTC reward the moment your credit card slides through the scanner. Plus, you don’t have to pay the usual costs, such as an annual fee.
The Gemini Credit Card comes in three sleek colors: black, silver, and rose gold. The metal card hides your card number to keep you safe, and you may view it on your Gemini account via the app.
Gemini Dollar (GUSD)
The Gemini crypto platform also has a native cryptocurrency called the Gemini Dollar (GUSD). It’s a stablecoin that’s backed 1-to-1 by the US dollar.
This means the price is steadier than most cryptos, so it’s much easier to spend in daily life. You can do just that with Gemini Pay, which we will discuss later.
Gemini Dollars are Ethereum ERC-20 tokens, which means they have similar features to Ethers. For example, people may use them to make smart contracts.
You could use the GUSD to trade and stake in decentralized finance (DeFi) platforms like Uniswap and Celsius. You may also use them for yield farming by depositing in liquidity pools.
We’re proud to share that you can now pay your bills in Gemini Dollar through @BitPay‘s Business Billing solution! Excited to be advancing #stablecoin adoption and furthering the crypto payment landscape. Read more here:https://t.co/eTgLYKuZs0
— Gemini (@Gemini) December 10, 2019
This feature puts the “currency” in “cryptocurrency” as it allows you to spend bitcoins and similar assets at more than 30,000 retail locations in the US! Here’s how it works:
- Download the Gemini app.
- Tap the pay icon at the bottom of the screen.
- Pick stuff you want to buy.
- Open the app again.
- Choose a crypto payment method: bitcoin, ether, Gemini Dollar (GUSD), litecoin, bitcoin cash, or zcash.
- Pick a retailer.
- Bring your stuff to the register.
- Scan your code to pay.
Perhaps these features seem tame compared to what you need. Buying and selling are great and all, but what if you want to execute more advanced trades?
For example, you may want to take advantage of spreads, the difference between the bid and ask prices of these assets. Or you may use limit orders instead of typical market orders.
These strategies require a platform that can deliver real-time accurate market data. Gemini knows this, so it offers what you need in ActiveOrder.
You can use this platform on your PC or your mobile devices so that you can keep an eye on your trades at any time.
What’s good about the Gemini crypto platform?
— Tyler Winklevoss (@tyler) September 23, 2021
- Security – The cryptos of Gemini users are stored in offline “cold storage.” On the other hand, the ready money is placed in an insured “hot wallet.” This provides maximum security for all transactions.
- Simple interface – As we’ve said, beginners and experts alike will love the trading platform. The former will have an easy time using the basic exchange, and meanwhile, the experts get advanced features while keeping the UI simple.
- Earning interest – The assets don’t just stay in the digital wallets. Like bank accounts, you could make money off their interest thanks to Gemini Earn.
What should it improve?
- No short trading – Short selling means investing in the chance that an asset will drop in value. As it does, an investor earns money. You cannot do this type of trade on the Gemini crypto platform.
- Lacking features – I know I said that the platform has robust features, but it pales compared to other crypto exchanges. For example, Binance has all these features and more, plus it lets you choose from a long list of cryptocurrencies.
- High trading fees – The other features may not charge a lot of fees, except the trading platform. For example, you have to pay trading fees depending on the block order and the transaction fee. Click here to see Gemini’s fee structures.
This article is not meant as financial advice but as a guide regarding the Gemini crypto platform. Study assets yourself to figure out the ones that you should get.
If this platform seems promising, you might want to give it a shot. Of course, you should check the numerous other platforms available.
You can learn more about cryptos and related trends by reading more Inquirer USA articles. You may also read about other investment options like stock and real estate.